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The Commodity Futures Trading Commission’s new framework for leveraged crypto trading may not be finalized before the 2028 presidential election, and TD Cowen analysts say that timing puts the whole effort at risk.

Bitcoin is trading around $83K after the rejection from the $86K to $90K resistance zone weakened short-term structure, while the Coinbase Premium Index has turned sharply negative, suggesting US-based buying demand may be fading. BTC is attempting to stabilize, but buyers need to reclaim nearby resistance to improve the outlook.